AIM
and Media Release
11 August 2023
Base
Resources Limited
2023
Mineral Resources and Ore Reserves Statement
Key Points
-
Kwale
South Dune Mineral Resources and Ore Reserves estimates reduced due
to mining depletion and related sterilisation during the year to
30 June 2023, with:
-
Mineral
Resources reducing by 18.8Mt containing 0.61Mt of heavy
mineral.
-
Ore
Reserves reducing by 16.9Mt containing 0.57Mt of heavy
mineral.
-
Kwale
North Dune Mineral Resources and Ore Reserves estimates reduced due
to mining depletion during the year to 30
June 2023, with:
-
Mineral
Resources reducing by 2.4Mt containing 0.05Mt of heavy
mineral.
-
Ore
Reserves reducing by 1.8Mt containing 0.04Mt of heavy
mineral.
-
Ranobe
Mineral Resources and Ore Reserves estimates were both unchanged
from 2022.
The 2023
Mineral Resources and Ore Reserves estimates for Base
Resources Limited (ASX / AIM: BSE) are summarised in the
table below, together with the 2022 Mineral Resources and Ore
Reserves estimates for comparison.
|
|
20231
as at 30 June
2023 |
20221
as at 30 June
2022 |
|
|
|
|
|
|
|
HM
Assemblage |
|
|
|
|
|
HM
Assemblage |
|
|
Tonnes |
HM |
HM |
SL |
OS |
ILM |
RUT |
LEUC |
ZIR |
Tonnes |
HM |
HM |
SL |
OS |
ILM |
RUT |
LEUC |
ZIR |
|
|
(Mt) |
(Mt) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
(Mt) |
(Mt) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
Mineral
Resources
(Measured +
Indicated + Inferred, inclusive of Ore
Reserves) |
|
Kwale2 |
184 |
2.8 |
1.5 |
36 |
1.9 |
45 |
133 |
- |
5.8 |
205 |
3.5 |
1.7 |
35 |
2.0 |
47 |
133 |
- |
5.8 |
|
Ranobe4 |
2,580 |
111 |
4.3 |
7.7 |
0.4 |
71 |
1.0 |
1.0 |
5.9 |
2,580 |
111 |
4.3 |
7.7 |
0.4 |
71 |
1.0 |
1.0 |
5.9 |
Ore
Reserves
(Proved +
Probable) |
|
Kwale |
21 |
0.5 |
2.2 |
32 |
2.1 |
52 |
14 |
- |
6.1 |
40 |
1.1 |
2.7 |
28 |
2.3 |
55 |
14 |
- |
6.0 |
|
Ranobe |
904 |
55 |
6.1 |
3.8 |
0.1 |
73 |
1.0 |
1.0 |
5.9 |
904 |
55 |
6.1 |
3.8 |
0.1 |
73 |
1.0 |
1.0 |
5.9 |
[Notes:
(1)
Table
may be subject to slight arithmetic differences due to
rounding.
(2)
Kwale
incorporates the Kwale South Dune, Kwale North Dune and Bumamani
deposits.
(3)
Kwale rutile reported is rutile + leucoxene
minerals.
(4) The
Ranobe Mineral Resources estimate also specifies the monazite and
garnet within the mineral assemblage as a percentage of HM, refer
to the standalone table for the Ranobe Mineral Resources estimate
below for these percentages.]
The
Mineral Resources and Ore Reserves estimates in this statement are
reported in accordance with the JORC Code.
A glossary
of key terms used in this statement is set out at the end of this
statement.
For
further information about the estimates in this statement,
including information that is material to understanding the
estimates in relation to the applicable criteria in Table 1 of the
JORC Code, refer to the following announcements5:
|
Deposit(s) |
|
Announcement
Title |
Estimate
Date |
Release
Date |
|
Kwale South
Dune |
Mineral Resources & Ore
Reserves |
Updated Kwale South Dune Mineral Resources
and Ore Reserves
estimates |
30 June
2021 |
20 August
2021 |
|
Kwale North Dune and
Bumamani |
Mineral
Resources |
Updated Kwale North Dune and maiden Bumamani
Mineral Resources
estimates6 |
19 February
2021 |
19 February
2021 |
|
Kwale North Dune and
Bumamani |
Ore
Reserves |
Maiden Kwale North Dune and Bumamani Ore
Reserves
estimates |
20 June
2022 |
20 June
2022 |
|
Ranobe
(Toliara) |
Mineral Resources & Ore
Reserves |
Updated Ranobe Mineral Resources and Ore
Reserves
estimates |
27 September
2021 |
27 September
2021 |
|
2022
Comparatives |
Mineral Resources & Ore
Reserves |
2022 Mineral Resources and Ore Reserves
Statement |
30 June
2022 |
12 August
2022 |
[Notes:
(5)
Announcements
are available at
https://baseresources.com.au/investors/announcements/
(6) The
Kwale North Mineral Resources estimate was updated as at
20 June 2022 and disclosed in the
announcement titled ‘Maiden Kwale North Dune and Bumamani Ore
Reserves estimates’ released on 20 June
2022.
Refer
to this announcement for the most recent JORC Code Table 1
information for both the Kwale North Dune and Bumamani Mineral
Resources estimates.]
The
Company’s Kwale Mineral Sands Operations in Kenya is located approximately 50 kilometres
south of Mombasa and 10 kilometres inland from the Kenyan
coast.
The
Company’s wholly owned subsidiary, Base Titanium, is the 100% owner
and operator of Kwale Operations and has a net attributable
interest of 100% in the 2023 Kwale Mineral Resources and Ore
Reserves estimates.
Base
Titanium also holds Prospecting Licence 2018/0119 and Special
Mining Lease 23, which contain the Kwale South Dune, the Kwale
North Dune and Bumamani deposits.
Mineral
Resources
The 2023
Kwale Mineral Resources, as at 30 June
2023, are estimated to be 184Mt at an average HM grade of
1.5% for 2.8Mt of contained HM, at a 1% HM cut-off
grade.
The 2023
Kwale Mineral Resources estimate represents a decrease of
approximately 21Mt (or 10%) in material tonnes containing 0.7Mt of
HM compared to the 2022 Kwale Mineral Resources
estimate.
This was
due to mining depletion and sterilisation of the Kwale South Dune
Mineral Resources and mining depletion of the Kwale North Dune
Mineral Resources.
The Kwale
South Dune Mineral Resources are estimated to be 8.9Mt at an
average HM grade of 2.2% for 0.19Mt of contained HM as at
30 June 2023, a decrease of 18.8Mt
containing 0.61Mt of HM compared to the 2022 Kwale South Dune
Mineral Resources estimate.
The 2023
Kwale North Dune Mineral Resources are estimated to be 169Mt at an
average HM grade of 1.5% for 2.51Mt of contained HM as at
30 June 2023, a decrease of 2.4Mt
containing 0.05Mt of HM compared to the 2022 Kwale North Dune
Mineral Resources estimate.
The 2023
Bumamani Mineral Resources are estimated to be 5.9Mt at an average
HM grade of 1.9% for 0.12Mt of contained HM.
The
Bumamani Mineral Resources at 30 June
2023 are unchanged from the 2022 estimate.
Table
2: 2023 Kwale
Mineral Resources estimate compared with the 2022 estimate at a 1%
HM cut-off grade.
|
|
2023
as at 30 June
2023 |
2022
as at 30 June
2022 |
|
|
|
|
|
|
|
HM
Assemblage |
|
|
|
|
|
HM
Assemblage |
|
Category |
Tonnes |
HM |
HM |
SL |
OS |
ILM |
RUT |
ZIR |
Tonnes |
HM |
HM |
SL |
OS |
ILM |
RUT |
ZIR |
|
|
(Mt) |
(Mt) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
(Mt) |
(Mt) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
|
Kwale South Dune
Mineral
Resources |
|
Measured |
4.9 |
0.11 |
2.2 |
26 |
2.3 |
59 |
14 |
6.1 |
17 |
0.49 |
3.0 |
24 |
1.3 |
59 |
14 |
5.8 |
|
Indicated |
4.0 |
0.09 |
2.2 |
27 |
6.1 |
57 |
14 |
6.0 |
11 |
0.31 |
2.9 |
25 |
6.1 |
56 |
13 |
5.9 |
|
Total |
8.9 |
0.19 |
2.2 |
26 |
4.0 |
58 |
14 |
6.1 |
28 |
0.81 |
2.9 |
24 |
3.2 |
58 |
14 |
5.8 |
|
Kwale North Dune
Mineral
Resources |
|
Measured |
104 |
1.60 |
1.5 |
37 |
1.5 |
40 |
13 |
5.4 |
106 |
1.6 |
1.5 |
37 |
1.5 |
40 |
13 |
5.4 |
|
Indicated |
62 |
0.89 |
1.4 |
37 |
2.1 |
49 |
14 |
6.1 |
63 |
0.9 |
1.4 |
37 |
2.1 |
49 |
14 |
6.1 |
|
Inferred |
2 |
0.03 |
1.2 |
37 |
2.9 |
49 |
15 |
6.5 |
2 |
0.03 |
1.2 |
37 |
2.9 |
49 |
15 |
6.5 |
|
Total |
169 |
2.51 |
1.5 |
37 |
1.8 |
43 |
13 |
5.7 |
171 |
2.6 |
1.5 |
37 |
1.8 |
44 |
13 |
5.7 |
|
Bumamani Mineral
Resources |
|
Measured |
3.0 |
0.066 |
2.2 |
19 |
2.2 |
48 |
15 |
7.5 |
3.0 |
0.066 |
2.2 |
19 |
2.2 |
48 |
15 |
7.5 |
|
Indicated |
2.6 |
0.045 |
1.7 |
23 |
5.2 |
47 |
16 |
7.7 |
2.6 |
0.045 |
1.7 |
23 |
5.2 |
47 |
16 |
7.7 |
|
Inferred |
0.3 |
0.004 |
1.4 |
27 |
6.1 |
41 |
14 |
7.8 |
0.3 |
0.004 |
1.4 |
27 |
6.1 |
41 |
14 |
7.8 |
|
Total |
5.9 |
0.115 |
1.9 |
21 |
3.8 |
47 |
15 |
7.6 |
5.9 |
0.115 |
1.9 |
21 |
3.8 |
47 |
15 |
7.6 |
|
Total Kwale Mineral
Resources |
|
Measured |
112 |
1.77 |
1.6 |
36 |
1.6 |
41 |
13 |
5.5 |
125 |
2.2 |
1.7 |
35 |
1.5 |
45 |
13 |
5.6 |
|
Indicated |
69 |
1.02 |
1.5 |
36 |
2.5 |
50 |
14 |
6.2 |
77 |
1.3 |
1.6 |
35 |
2.8 |
51 |
14 |
6.1 |
|
Inferred |
3 |
0.03 |
1.2 |
36 |
3.3 |
48 |
15 |
6.7 |
3 |
0.0 |
1.2 |
36 |
3.3 |
48 |
15 |
6.7 |
|
Total |
184 |
2.82 |
1.5 |
36 |
1.9 |
45 |
13 |
5.8 |
205 |
3.5 |
1.7 |
35 |
2.0 |
47 |
13 |
5.8 |
Table
may be subject to slight arithmetic differences due to
rounding.
Mineral
Resources are reported inclusive of Ore
Reserves.
Ore
Reserves
Included
within the Kwale Mineral Resources are the Kwale Ore Reserves,
estimated to be 21.3Mt at an average HM grade
of 2.2% for 0.48Mt of contained HM as at 30
June 2023.
Compared
to the 2022 Kwale Ore Reserves estimate, there was a decrease of
56% in contained HM tonnes.
The Kwale
South Dune Ore Reserves decreased by 16.9Mt containing 0.57Mt of HM
due to mining depletion and sterilisation of unmined material due
to a combination of an elevated basement floor in some areas
compared to that predicted in the underlying model, induration at
the base of the mineralised profile that could not be readily mined
and infrastructure buffers.
The Kwale
North Dune Ore Reserves decreased by 1.8Mt containing 0.04Mt of HM
due to mining depletion. There was no sterilisation of
unmined material as the design pit floor is yet to be
reached.
Table
3: 2023 Kwale Ore Reserves estimate compared with
the 2022 estimate.
|
|
2023
as at 30 June
2022 |
2022
as at 30 June
2022 |
|
|
|
|
|
|
|
HM
Assemblage |
|
|
|
|
|
HM
Assemblage |
|
Category |
Tonnes |
HM |
HM |
SL |
OS |
ILM |
RUT |
ZIR |
Tonnes |
HM |
HM |
SL |
OS |
ILM |
RUT |
ZIR |
|
|
(Mt) |
(Mt) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
(Mt) |
(Mt) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
|
Kwale South Dune
Ore
Reserves |
|
Proved |
3.6 |
0.09 |
2.4 |
27 |
2.2 |
59 |
14 |
6.1 |
15 |
0.46 |
3.1 |
25 |
1.2 |
59 |
14 |
5.7 |
|
Probable |
1.6 |
0.05 |
3.0 |
26 |
7.4 |
57 |
13 |
6.1 |
7 |
0.25 |
3.3 |
24 |
5.8 |
57 |
13 |
5.9 |
|
Total |
5.2 |
0.13 |
2.6 |
27 |
3.8 |
58 |
14 |
6.1 |
22 |
0.71 |
3.2 |
24 |
2.8 |
58 |
14 |
5.8 |
|
Kwale North Dune
Ore
Reserves |
|
Proved |
7.3 |
0.15 |
2.1 |
39 |
0.7 |
48 |
13 |
5.5 |
8.3 |
0.17 |
2.1 |
37 |
0.9 |
50 |
13 |
6.1 |
|
Probable |
4.9 |
0.10 |
2.1 |
38 |
1.6 |
52 |
13 |
5.9 |
5.6 |
0.12 |
2.1 |
37 |
1.8 |
53 |
13 |
5.9 |
|
Total |
12.1 |
0.25 |
2.1 |
39 |
1.1 |
50 |
13 |
5.6 |
13.9 |
0.29 |
2.1 |
37 |
1.2 |
51 |
13 |
6.0 |
|
Bumamani Ore
Reserves |
|
Proved |
2.6 |
0.06 |
2.3 |
19 |
2.2 |
48 |
16 |
7.5 |
2.6 |
0.06 |
2.3 |
19 |
2.2 |
48 |
16 |
7.5 |
|
Probable |
1.3 |
0.03 |
2.2 |
19 |
5.3 |
48 |
16 |
7.6 |
1.3 |
0.03 |
2.2 |
19 |
5.3 |
48 |
16 |
7.6 |
|
Total |
3.9 |
0.09 |
2.3 |
19 |
3.2 |
48 |
16 |
7.5 |
3.9 |
0.09 |
2.3 |
19 |
3.2 |
48 |
16 |
7.5 |
|
Total Kwale Ore
Reserves |
|
Proved |
13.5 |
0.30 |
2.2 |
32 |
1.4 |
51 |
14 |
6.1 |
26 |
0.69 |
2.7 |
28 |
1.2 |
56 |
14 |
6.0 |
|
Probable |
7.8 |
0.18 |
2.3 |
33 |
3.4 |
53 |
14 |
6.2 |
14 |
0.40 |
2.7 |
29 |
4.2 |
55 |
13 |
6.0 |
|
Total |
21.3 |
0.48 |
2.2 |
32 |
2.1 |
52 |
14 |
6.1 |
40 |
1.1 |
2.7 |
28 |
2.3 |
55 |
14 |
6.0 |
Table
may be subject to slight arithmetic differences due to
rounding.
Ranobe
Deposit
The Company’s Toliara
Project is based on the Ranobe deposit, located approximately 45
kilometres north of the town of Toliara and 15km inland from the
coast in south-west Madagascar. The Ranobe deposit sits
within Permis d’Exploitation 37242, which is a mining
lease under Malagasy law. The Company’s wholly owned
subsidiary, Base Toliara SARL, is the 100% owner and operator of
the Toliara Project and has a net attributable interest of 100% in
the 2023 Ranobe Mineral Resources and Ore Reserves estimates.
The Company is currently progressing the project towards
development.
Mineral
Resources
The 2023
Ranobe Mineral Resources was unchanged from the 2022 estimate of
2,580Mt at an average HM grade of 4.3% for 111Mt of contained HM, based on a 1.5% HM cut-off
grade.
Table
4: The 2023
Ranobe Mineral Resources estimate at a 1.5% HM cut-off
grade.
|
|
|
|
|
|
|
Mineral Assemblage as % of
HM |
|
Category |
Tonnes |
HM |
HM |
SL |
OS |
ILM |
RUT |
LEUC |
ZIR |
MON |
GARN |
|
|
(Mt) |
(Mt) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
2023 Ranobe Mineral
Resources
(as at 30 June
2023) |
|
Measured |
597 |
36 |
6.1 |
4.3 |
0.2 |
74 |
1.0 |
1.0 |
5.9 |
1.9 |
2.2 |
|
Indicated |
793 |
35 |
4.4 |
7.1 |
0.5 |
71 |
1.0 |
1.0 |
5.9 |
2.0 |
3.6 |
|
Inferred |
1,190 |
39 |
3.3 |
9.7 |
0.6 |
69 |
1.0 |
1.0 |
5.8 |
2.0 |
4.3 |
|
Total |
2,580 |
111 |
4.3 |
7.7 |
0.4 |
71 |
1.0 |
1.0 |
5.9 |
2.0 |
3.4 |
Table
may be subject to slight arithmetic differences due to
rounding.
Mineral
Resources are reported inclusive of Ore
Reserves.
Ore
Reserves
Included
within the Ranobe Mineral Resources are the Ranobe Ore Reserves,
estimated to be 904Mt at an average
HM grade of 6.1% for 55Mt of contained HM as at 30 June 2023, which are unchanged from the 2022
estimate.
No
monazite or garnet is incorporated in the Ranobe Ore Reserves
estimate because the existing mining tenure, Permis D’Exploitation
37242, does not currently provide the right to exploit these
minerals.
Table
5: The 2023
Ranobe Ore Reserves estimate.
|
|
|
|
|
|
|
Mineral Assemblage as % of
HM |
|
Category |
Tonnes |
HM |
HM |
SL |
OS |
ILM |
RUT |
LEUC^ |
ZIR |
|
|
(Mt) |
(Mt) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
(%) |
2023 Ranobe Ore
Reserves
(as at 30 June
2023) |
|
Proved |
433 |
30 |
6.9 |
3.8 |
0.1 |
75 |
1.0 |
1.0 |
6.0 |
|
Probable |
472 |
25 |
5.3 |
3.9 |
0.2 |
72 |
1.0 |
1.0 |
5.8 |
|
Total |
904 |
55 |
6.1 |
3.8 |
0.1 |
73 |
1.0 |
1.0 |
5.9 |
Table
may be subject to slight arithmetic differences due to
rounding.
^Recovered
Leucoxene will be split between Rutile and Chloride Ilmenite
products depending on product specification
requirements.
Mineral Resources and Ore Reserves Governance
A summary
of the governance, internal controls and estimation process
applicable to Base Resources’ Mineral Resources and Ore Reserves
estimates is as follows:
Mineral
Resources
-
Review and
validation of drilling and sampling methodology and data spacing,
geological logging, data collection and storage, sampling and
analytical quality control.
-
Geological
interpretation – review of known and interpreted structure,
lithology and weathering controls.
-
Estimation
methodology – relevant to mineralisation style and proposed mining
methodology.
-
Comparison
of estimation results with previous mineral resources models, and
with results using alternate modelling methodologies.
-
Visual
validation of block model against raw composite data.
-
Use of
external Competent Persons to assist in preparation of Mineral
Resources estimate updates.
Ore
Reserves
-
Review of
potential mining methodology to suit deposit and mineralisation
characteristics.
-
Review of
potential Modifying Factors, including cost assumptions and
commodity prices to be utilised in mining evaluation.
-
Ore
Reserves estimate updates initiated following material changes in
the relevant Modifying Factor assumptions.
-
Optimisation
using appropriate software packages for open pit
evaluation.
-
Design
based on optimisation results.
-
Use of
external Competent Persons to assist in preparation of Ore Reserves
estimates.
Competent Persons’ Statement
The
information in the 2023 Mineral Resources and Ore Reserves
Statement that relates to Mineral Resources and Ore Reserves is
based on, and fairly represents, information and supporting
documentation prepared by the Competent Persons named in the table
below.
Each
Competent Person:
-
is a
Member or Fellow of The Australasian Institute of Mining and
Metallurgy or the Australian Institute of
Geoscientists;
-
has
sufficient experience that is relevant to the style of
mineralisation and type of deposits under consideration and to the
activity which they are undertaking to qualify as a Competent
Person as defined in the JORC Code and as a qualified person for
the purposes of the AIM Rules for Companies; and
-
consents
to the inclusion in this statement of the relevant estimate(s)
listed alongside their name in table below in the form and context
in which the estimate and the relevant information are
presented.
Mr
Ian Reudavey has also approved this
statement as a whole.
Mr
Ian Reudavey is employed by Base
Resources, does not presently hold equity securities in Base
Resources, and is entitled to participate in Base Resources’
long-term incentive plan and receive equity securities under that
plan.
Mr
Scott Carruthers is employed by Base
Titanium, Base Resources’ wholly owned
subsidiary.
Mr
Carruthers holds equity securities in Base Resources, and is also
entitled to participate in Base Resources’ long-term incentive plan
and receive equity securities under that plan.
Details
about that plan are included in Base Resources’ 2022 Annual
Report.
|
Name
|
Estimate(s)
|
Employer
|
|
Ian
Reudavey
|
Kwale
Mineral Resources and Ore Reserves (overall), Kwale South Dune
Mineral Resources, Kwale North Dune Mineral Resources, Ranobe
Mineral Resources, Kwale South Dune Ore Reserves and Kwale North
Dune Ore Reserves
|
Base
Resources, full-time employee
|
|
Scott
Carruthers
|
Kwale South
Dune Mineral Resources, Bumamani Mineral Resources, Kwale South
Dune Ore Reserves, Kwale North Dune Ore Reserves, Bumamani Ore
Reserves and Ranobe Ore Reserves
|
Base
Titanium, full-time employee
|
|
Greg
Jones
|
Kwale North
Dune Mineral Resources
|
IHC
Robbins, consultant geologist to Base Resources
|
|
Per
Scrimshaw
|
Bumamani
Ore Reserves
|
Entech, a
mining consultancy engaged by Base Resources
|
Forward looking statements
Certain
statements in or in connection with this statement contain or
comprise forward looking statements.
Such
statements may include, but are not limited to, statements with
regard to future production and grades, capital cost, capacity,
sales projections and financial performance and may be (but are not
necessarily) identified by the use of phrases such as “will”,
“expect”, “anticipate”, “believe” and
“envisage”.
By their
nature, forward looking statements involve risk and uncertainty
because they relate to events and depend on circumstances that will
occur in the future and may be outside Base Resources’
control.
Accordingly,
results could differ materially from those set out in the
forward-looking statements as a result of, among other factors,
changes in economic and market conditions, success of business and
operating initiatives, changes in the regulatory environment and
other government actions, fluctuations in product prices and
exchange rates and business and operational risk
management.
Subject to
any continuing obligations under applicable law or relevant stock
exchange listing rules, Base Resources undertakes no obligation to
update publicly or release any revisions to these forward-looking
statements to reflect events or circumstances after today’s date or
to reflect the occurrence of unanticipated events.
Glossary
|
Assemblage |
The relative proportion of
heavy mineral components, principally ilmenite, rutile, zircon and,
where applicable, leucoxene, monazite and
garnet. |
|
Base Resources or
Company |
Base Resources
Limited. |
|
Base
Titanium |
Base Titanium
Limited. |
|
Competent
Person |
The JORC Code requires
that a Competent Person be a Member or Fellow of The Australasian
Institute of Mining and Metallurgy, of the Australian Institute of
Geoscientists, or of a ‘Recognised Professional
Organisation’. A Competent Person must have a minimum of five
years’ experience working with the style of mineralisation or type
of deposit under consideration and relevant to the activity which
that person is undertaking. |
|
Cut-off
grade |
The lowest grade of
mineralised material that is thought to be economically mineable
and available. Typically used by Base Resources to define
which material is reported in a Mineral Resources
estimate. |
|
GARN |
Garnet, a valuable heavy
mineral. |
|
Grade |
A physical or chemical
measurement of the characteristics of the material of
interest. In this context, the grade is always a percentage
and the characteristics are heavy mineral, oversize, slime and the
various product minerals (ilmenite, rutile etc). |
|
Heavy mineral or
HM |
In mineral sands, minerals
with a specific gravity greater than 2.85
t/m3. |
|
ILM |
Ilmenite, a valuable heavy
mineral. |
|
Indicated |
An Indicated Mineral
Resource is that part of a Mineral Resource for which quantity,
grade (or quality), densities, shape and physical characteristics
are estimated with sufficient confidence to allow the application
of Modifying Factors in sufficient detail to support mine planning
and evaluation of the economic viability of the
deposit. |
|
Inferred |
An Inferred Mineral
Resource is that part of a Mineral Resource for which quantity and
grade (or quality) are estimated on the basis of limited geological
evidence and sampling. Geological evidence is sufficient to
imply but not verify geological and grade (or quality)
continuity. It is based on exploration, sampling and testing
information gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill
holes. |
|
JORC
Code |
The Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves 2012 Edition, as published by the Joint Ore Reserves
Committee of The Australasian Institute of Mining and Metallurgy,
Australian Institute of Geoscientists and Minerals Council of
Australia. |
|
LEUC |
Leucoxene, a valuable
heavy mineral. |
|
Measured |
A Measured Mineral
Resource is that part of a Mineral Resource for which quantity,
grade (or quality), densities, shape, and physical characteristics
are estimated with confidence sufficient to allow the application
of Modifying Factors to support detailed mine planning and final
evaluation of the economic viability of the
deposit. |
|
Mineral
Resources |
Mineral Resources are a
concentration or occurrence of solid material of economic interest
in or on the Earth’s crust in such form, grade (or quality), and
quantity that there are reasonable prospects for eventual economic
extraction. The location, quantity, grade (or quality),
continuity and other geological characteristics of a Mineral
Resource are known, estimated or interpreted from specific
geological evidence and knowledge, including sampling.
Mineral Resources are sub-divided, in order of increasing
geological confidence, into Inferred, Indicated and Measured
categories. |
|
Modifying
Factors |
Modifying Factors are
considerations used to convert Mineral Resources to Ore
Reserves. These include, but are not restricted to, mining,
processing, metallurgical, infrastructure, economic, marketing,
legal, environmental, social and governmental
factors. |
|
MON |
Monazite, a valuable heavy
mineral that contains rare earth elements. |
|
Ore
Reserves |
Ore Reserves are the
economically mineable part of a Measured and/or Indicated Mineral
Resource. It includes diluting materials and allowances for
losses, which may occur when the material is mined or extracted and
is defined by studies at Pre-Feasibility or Feasibility level as
appropriate that include application of Modifying Factors. Such
studies demonstrate that, at the time of reporting, extraction
could reasonably be justified. |
|
OS |
Oversize material, for
Kwale and Ranobe it is defined as material >1mm in
size |
|
Probable |
A Probable Ore Reserve is
the economically mineable part of an Indicated, and in some
circumstances, a Measured Mineral Resource. The confidence in
the Modifying Factors applying to a Probable Ore Reserve is lower
than that applying to a Proved Ore Reserve. |
|
Proved |
A Proved Ore Reserve is
the economically mineable part of a Measured Mineral
Resource. A Proved Ore Reserve implies a high degree of
confidence in the Modifying Factors. |
|
RUT |
Rutile, a valuable heavy
mineral. |
|
SL |
Slimes, fine material
(defined as <45µm at Kwale and <63µm at Ranobe) that is a
waste product from the processing of mineral
sands. |
|
Sterilisation |
Material that is depleted
from Mineral Resources or Ore Reserves, but which was not
mined. This material still remains in ground following mining
activity and, in the Competent Person’s opinion, it has no
reasonable prospects for eventual economic
extraction. |
|
ZIR |
Zircon, a valuable heavy
mineral. |
ENDS.
For
further information contact:
|
Australian
Media Relations
|
UK Media
Relations
|
|
Citadel
Magnus
|
Tavistock
Communications
|
|
Cameron
Gilenko and Michael Weir
|
Jos Simson
and Gareth Tredway
|
|
Tel: +61 8
6160 4900
|
Tel: +44
207 920 3150
|
This release has been
authorised by Base Resources’ Disclosure
Committee.
About Base
Resources
Base Resources is an
Australian based, African focused, mineral sands producer and
developer with a track record of project delivery and operational
performance. The Company operates the
established Kwale Operations in Kenya, is developing the Toliara Project in
Madagascar and is conducting
exploration in Tanzania. Base Resources is an ASX
and AIM listed company. Further details about Base
Resources are available at www.baseresources.com.au.
PRINCIPAL &
REGISTERED OFFICE
Level 3, 46
Colin Street
West Perth, Western
Australia, 6005
Email: info@baseresources.com.au
Phone: +61 8
9413 7400
Fax: +61 8
9322 8912
NOMINATED ADVISER
& JOINT BROKER
Canaccord Genuity
Limited
James Asensio / Raj Khatri / Patrick Dolaghan
Phone: +44 20
7523 8000
JOINT
BROKER
Berenberg
Matthew Armitt / Detlir Elezi
Phone: +44 20
3207 7800